Mobile Money in Kenya

Available for over a year

Almost a third of Kenya’s economy now goes through the mobile money system, M-Pesa. Even the company that launched it six years ago, Safaricom, didn’t anticipate the gusto with which Kenyans would adopt virtual currency. In a country with fewer than 10,000 credit cards and where 80% of the population does not have a bank account, M-Pesa is a secure and easy way to pay and transfer money to anyone, anywhere across the country. Now the system has morphed from a method of payment into a platform for all sorts of businesses. In Nairobi there are startups aiming to boost fundraising for funerals and weddings, help landlords collect rent, loan mobile phone credit, and much more, all based on M-Pesa’s technology. Peter Day traces the story of how a mobile payment experiment kick-started an emerging tech economy. Contributors: Bob Collymore - chief executive, Safaricom David Mark - co-founder, M-Changa Kamau Wanyoike - director, MoVAS Nancy Wang - co-founder, M-Kazi Duncan Muchangi - co-founder, Manyatta Rent Nikolai Barnwell - director, 88mph Nairobi Joe Mucheru - Sub-Saharan ambassador, Google Tony Mwai - general manager, IBM East Africa Sam Gichuru - co-founder and director, Nailab Kate Kiguru - co-founder and chief innovator, Ukall Will Mutua - founder, Afrinnovator